Retirement: state employees; annual retirement allowance increase; eliminate cap. Amends sec. 20g of 1943 PA 240 (MCL 38.20g).
Impact
If enacted, this bill would significantly impact state laws concerning the retirement benefits of public sector employees. It would allow for adjustments in the annual retirement allowance that correlates with the performance of the retirement system's investments, subjecting the increases to fewer restrictions than currently imposed. The 8% assumed interest rate will serve as a benchmark, but any return above this threshold can positively influence the distribution income, thereby benefiting current retirees.
Summary
House Bill 6089 aims to amend the State Employees' Retirement Act, specifically altering the provisions regarding the annual increase of retirement allowances for state employees. The proposed changes seek to eliminate the cap on the annual retirement allowance increase, allowing for a more flexible adjustment based on the return on investment rates realized by the retirement system. This could potentially provide retired state employees with greater financial security, especially in times of increased living costs or inflation.
Contention
Discussions around HB 6089 may evoke varied opinions among stakeholders. Supporters, particularly those advocating for state employees' benefits, may endorse the bill as a positive reform that enhances financial protections for retirees. Conversely, critics might argue that the elimination of the cap could lead to financial strains on the state budget, especially during economic downturns or when investment returns underperform. Balancing the needs of retirees with responsible fiscal management will likely be a central theme in the debates surrounding this bill.
Retirement: county employees; employment of retirant in a county sheriff’s office; allow without forfeiting retirement allowance. Amends sec. 12a of 1851 PA 156 (MCL 46.12a).
Retirement: county employees; employment of retirant in a county sheriff's office; allow without forfeiting retirement allowance. Amends sec. 12a of 1851 PA 156 (MCL 46.12a).
Retirement: county employees; employment of retirant in a county sheriff's office; allow without forfeiting retirement allowance. Amends sec. 12a of 1851 PA 156 (MCL 46.12a).
Retirement: county employees; employment of retirant in a county sheriff’s office; allow without forfeiting retirement allowance. Amends sec. 12a of 1851 PA 156 (MCL 46.12a).
Retirement: state employees; employment of retired state employees; allow without forfeiting retirement benefits. Amends sec. 68c of 1943 PA 240 (MCL 38.68c).
Relating to plan qualification provisions for and certain supplemental payments and health insurance deductions under the Teacher Retirement System of Texas.
Requires DHS to establish system to ensure distribution of funds for certain support services for General Assistance beneficiaries ceases upon beneficiary's exit from support service.